Retention Plans in Talent Management: corporate practices in Bangladesh

Retention Plans in Talent Management: Corporate practices in Bangladesh

The Reason of Research:Focusing in HRM for the betterment of production is not in lag behind in recent times. With the course of time, it is being the centre of the organization that some revolutionary steps are being preference for updating status. Retention plans is one of them. Not only this, those sectors which are in mainstreaming stair of an organization-such as marketing, finance and accounting, HRM is also involve within those hand and globes. Consequently, the recruitment and selection, compliance, labor market, wage and salary, retirement, organizing, required skills and attitude to meet current and future organizational needs are not the main elements rather developing and retaining people is the significant and sophisticated issues for moving ahead at the plot of HR. Surely, this trend pushes us to elaborate discussion about it later on. But that does not mean that rest others are least importance. Basically, above all important issues make HR effectively. Nevertheless, in some vital organizations cannot judge retention plan very sincerely. Despite having lots of prosperity why retention plan cannot reach their exemplary and satisfactory threshold in our country I will also give preferences in our term paper for understanding in depth in the part of limitations. Why do we Select retention plan for managing talents for doing Research:Before going to the deep look of the topic now we should clear here why we have interest in this side. For example- the switch over trend is the main hindrance in the organizations. When incumbents enter a renowned company with their dreams but break those for mismanage then retention plan needs necessary because for great potentiality some departments which needs a efficient person with which that department can maintain great confidentiality and reliability then the authority must give the analytical view in evaluate them for their own production interest and market value. How the organization can change their plan and patterns for the great outcome is also essential in retention plan. Onwards, if they can find out the leaks then they take some prevention for solving this. Mainly, though we have a plan to build up our career in HR, managing talents is very core and vital point for us to figure out with this situation. In fact, some HR department is running a segment of talent management .When we hear about a renowned companies HR team and production we must be provided that how many evolutionary endeavors they launch for keeping this flow of success we must think about the retention plans. For this especial reason we focus

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Retention Plans in Talent Management: corporate practices in Bangladesh an analytical view in our term paper in which three segments help us to explain this topic in several aspects. Retention plan in Talent Management Talent management is a complex collection of connected HR processes that delivers a simple fundamental benefit for any organization. Besides, we can refer it as a strategy by which overall talents are nurtured properly. Therefore, an up to date organization is centering the talents for both employees and organizations effectiveness, betterment which carry them as a best resource within the organization and outside of the organization. The entire nurturing of talents starts from front to higher level. Of course it is depending on retention plan. When a company fails to make perfect retention plan, potential employees cannot feel interest to show their productivity which is essential for a company. For particular reason, we focus on sound retention plan what makes companies effective. According to above explanation it is clear that retention plan relates in talent management along with other elements. Likewise, the elements of talent management are here-Leadership, Motivation, Succession planning, Career growth, Training and development, Participation, Counseling, Recruitment &Selection, Retention plan, Workforce planning, talent hunting. No employees feel availability a sound retention plan until the company implements sound retention plan. The Three Main Views of retention plan for Talent Management: There are three special views in talent management are following here1) A unique strategy to enhance a completion between skilled workers. 2) To focus the outcome of between employees and employers success. 3) Create images for company progress for market value. For implementing three views we must focus the retention plan in talent management. The Historical Background:

In 1997, a McKinsey study coined the term: war for talent. Now in the new millennium, we find ourselves in the talent age. During the agricultural age, the economy was based on land, a truly physical and very tangible asset. The industrial age followed with a manufacturing-driven economy. Higher business performance was derived through the most effective use of factories and distribution networks. The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value.

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Retention Plans in Talent Management: corporate practices in Bangladesh Major Objectives:The prime focus of the study is retention plans in Talent management in corporate practices in Bangladesh. Specific Objectives:-

To focus the compensation package and plans in an organization. To identify how this talents performance appraisal is given in every once a year. To discuss the employees leaving in search of green pastures. To analyze why employees quitting because of conflict. To discuss about the induction crisis. To discuss what types of methods are practicing for enhancing employees skilled and knowledge. To study how unstable recruitment sometimes hampering the potentials. To learn effective cost reduction in downsizing. To center why a good employer make a scope for their employees to compare them with others in terms of receiving salaries.

Importance of the Study:Except for talent management every important matter was giving importance in HRM. But it is only a minute segment with which a limited research and books are published. That is why, as the first batch of HRM we are trying to give knowledge throughout our term paper. We hope that our attempt will give a great privilege later on especially where we will start our career. With the study of PDG course, we can be able to brush up our inabilities in this segment. On the basis of this sight we think it has a great importance for studying and doing practicality rather. Scope of the Research:This report mainly will focus the retention plan and comparative analysis for managing talents among the five companies. For this purpose, the theoretical and conceptual knowledge will mingle with experience. However, for evaluating the talent management, the assessment of retention plan objectives, the function of retention plan for managing talents and the HR departments and their respective function and role contribution to achieve the overall goal of retention plan will analyze. Finally this report, by considering with relevant

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Retention Plans in Talent Management: corporate practices in Bangladesh quantitative and qualitative information and facts, makes a summary of findings and a list of recommendation to overcome the problems. Methodology: This study will make on the basis of the following methodology: o o Type of Study: Descriptive type of study Study Area

British American Tobacco (BAT), Unilever, Square, GP, Sony Ericson

Study Period: 4 (Four) weeks. Target Population: High officials and also employees of above companies. Sample Size: 100 (One Hundred). Sampling Technique: Simple random selection Data Collection Technique structured and open and close ended questions. Data analysis technique: Data will be analyzed using statistical software SPSS Sources of Data: The Sources of Data are as follows:

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-Primary Sources:

Primary data will collect through interviews and discussions with Head of HR, Manager, officer of HR of BAT, Unileaver, Square, GP, Nokia Ericson companies.

-Secondary Sources:

The secondary data will collect with several sources. These are given below: Internet Search Business Journals, books and manuals Daily Newspapers & various write up of talent management

Limitations:-

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Retention Plans in Talent Management: corporate practices in Bangladesh Every successful task has lots of limitations. Practical limitations will be focused here. 1. The main constraint of the study is inadequate access to information. 2. 3. 4. 5. Due to time limitations many of the aspects could not be discussed in the The HR executives will not disclose some information for the sake of the Since the HR personals will very busy, they could provides us very little time. There are some problems in the data collection report. confidentiality of the organization.

process as organization has some code of secrecy.

Activity Schedule:Task Organization visit & data collection Data analysis and 2 week Duration 1 week Jan Jan Jan Jan

report complete Report submission 1 week

Literature review: For analyzing in depth study and definition we need more help of books those names are bellow here1) Talent acquisition leading to high employee engagement by Pallavi Srivastavi and joystna Bhatnagar. 2) Making a market talent by Lowell L. Brayan, Claudia I. Joyce and Leigh M Weiss. 3) Talent Management: What is it? Why Now? by Josh Bersin. 4) Talent management: Driver for Organizational Success by Nancy R. Lockwood. 5) A Primer on Talent Management By Olivier Serrat. http://www.hrexecutive.com/HRE/story

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Retention Plans in Talent Management: corporate practices in Bangladesh http://talentmgt.com/ http://talentmgt.com/Tags/view/18 www.shrm.org/Research/Articles/Articles /KeyReferenceArticles.pdf

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